March 28, 2023

Saudi Arabia, the world’s largest oil exporter, raised its official Arab Light selling price to Asian buyers in March for the first time in six months, amid expectations of a recovery in oil demand, especially from China.
Informed sources told Reuters this Monday that the official selling price of Arab Light crude loaded into Asia in March rose 20 cents a barrel from February, implying a two dollar a barrel premium over the average. the price of oil from Oman and Dubai. contrary to previous market expectations, reducing it by 30 cents.
Analysts and dealers had been expecting a recovery in oil demand in China since March, coinciding with the recovery of the economy and the end of the peak of Covid-19 in the country.
The official selling price of very light Arabic oil was reduced by $1.30 to $2.25 per barrel compared to average oil from Oman and Dubai, while the price of Arabic medium and Arabic heavy oil rose by 50 cents to a premium of $1.60 per barrel. medium oil and a discount of $1.75 per barrel of Arabic heavy oil.

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